Nasdaq Sends Non-Compliance Notice To Atlantic Coastal Acquisition On April 3 After It Fails To Adhere To Independent Director Norms

On March 21, 2023, as previously reported, Daniel M. Tapiero resigned from the Board of Directors (the “Board”), and all committees thereof, of Atlantic Coastal Acquisition Corp. (the “Company”). On April 3, 2023, the Company received notice (“Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that, as a result of Mr. Tapiero’s resignation, the Company was not in compliance with Nasdaq’s listing rules (the “Listing Rules”) as set forth in Listing Rule 5605 given the Company’s failure to adhere to the independent director, audit, and compensation committee requirements.

Consistent with Listing Rules 5605(b)(1)(A) and 5605(c)(4), the Company has until the earlier of the Company’s next annual shareholders’ meeting or March 21, 2024 to regain compliance. However, if the next annual shareholders’ meeting is held before September 18, 2023, then the Company must evidence compliance no later than September 18, 2023.